African Development Bank Group president Dr. Akinwumi A. Adesina will lead a delegation to the 7th KOAFEC Ministerial Conference in Busan, Republic of Korea.
This year's conference is being co-hosted by the African Development Bank and the Ministry of Economy and Finance (MOEF) of the Republic of Korea under the theme, "Embracing a Sustainable Future: Just Energy Transition and Agricultural Transformation in Africa." The meetings will promote discussions on addressing low-carbon energy transitions and food security issues across Africa, while exploring Korea's pathways in both areas. The conference will take place from 12-15 September 2023.
The KOAFEC Ministerial Conference was initiated in 2006 to promote high-level policy dialogue on Korea-Africa cooperation. It has since evolved into a biennial gathering. The 6th conference was held in 2018 alongside the 53rd Annual Meetings of the African Development Bank Group. The meeting delivered concrete results including a Joint Declaration, action plans, and bilateral agreements. This year's conference marks an exciting resumption to in an all in-person event, following its suspension due to the COVID-19 crisis. The meetings provide a platform to unlock new opportunities and strengthen the relationship between Africa and Korea in the post-pandemic era.
The KOAFEC Ministerial Conference has progressively become an important platform for Korea-Africa economic and diplomatic relations and is expected to attract hundreds of participants. They include African finance ministers, executive directors representing African country members of the Bank, African ambassadors, heads of pan-African institutions, and various non-governmental organizations.
In recognition of the important role of the private sector in Africa's development, the KOAFEC Business Forum will take place within the conference, to be attended by African CEOs and Korean private sector participants. In addition, other key conference activities will include a ministerial round table and knowledge seminar.
Given Korea's position as a global export-oriented and industrial powerhouse, the conference is expected to deepen collaboration between Korea and Africa to promote socio-economic development in line with the UN Sustainable Development Goals and the Bank's High 5 priorities.
Korea consistently contributes to the Bank's capacity building efforts for its African member countries through the KOAFEC Trust Fund. As of December 31, 2022, the total contribution to the KOAFEC Trust Fund stood at $108.04 million.
In May 2021 the Bank and Korea signed a $600 million agreement to provide support to the energy sector through joint and parallel financing, called the Korea-Africa Energy Investment Framework (KAEIF). The first project under KAIEF - for electricity transmission - has been approved, and both parties are reviewing a number of projects to be financed under the KOAFEC Trust Fund and the Co-financing agreement.
Korea joined the African Development Fund, the Bank's concessional lending window in 1980 and the Bank two years later. This year, the Bank and Korea celebrate forty years since Korea joined the African Development Bank.
For further information or to register the Conference, please visit the KOAFEC official website, https://www.koafec2023.org/.
Contact:
Communication and Media Relations:
Ms. Yuna CHOI | Senior External Relations and Communication Officer | African Development Bank Group | email: [email protected]
Ms. Ji Young JANG | Knowledge Dissemination & Event Assistant | African Development Bank Group | email: [email protected]
Partnerships:
Ms. Valerie DABADY | Manager, Resource Mobilization and Partnerships | African Development Bank Group | email: [email protected]
